Prudential PLC Boosts Stake in AMETEK, Inc. (NYSE:AME)

Key Points

• Prudential PLC increased its stake in AMETEK, Inc. by 397.5%, acquiring 52,710 additional shares, bringing its total ownership to 65,971 shares valued at $11.36 million.
• AMETEK reported a quarterly earnings per share (EPS) of $1.78, exceeding analyst expectations, with quarterly revenue up 2.5% year-over-year.
• The company announced a quarterly dividend of $0.31 per share, marking an annual yield of 0.7%, with the ex-dividend date set for September 15th.

Prudential PLC raised its holdings in shares of AMETEK, Inc. (NYSE:AME - Free Report) by 397.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 65,971 shares of the technology company's stock after purchasing an additional 52,710 shares during the period. Prudential PLC's holdings in AMETEK were worth $11,356,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the business. Vanguard Group Inc. increased its position in shares of AMETEK by 1.3% during the first quarter. Vanguard Group Inc. now owns 26,484,263 shares of the technology company's stock worth $4,559,001,000 after purchasing an additional 336,491 shares in the last quarter. Capital World Investors increased its position in shares of AMETEK by 70.0% during the fourth quarter. Capital World Investors now owns 5,760,017 shares of the technology company's stock worth $1,038,301,000 after purchasing an additional 2,371,062 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of AMETEK by 2.8% during the first quarter. JPMorgan Chase & Co. now owns 5,747,368 shares of the technology company's stock worth $989,352,000 after purchasing an additional 154,682 shares in the last quarter. Flossbach Von Storch SE increased its position in shares of AMETEK by 1.2% during the first quarter. Flossbach Von Storch SE now owns 3,770,066 shares of the technology company's stock worth $648,979,000 after purchasing an additional 45,714 shares in the last quarter. Finally, Invesco Ltd. increased its position in shares of AMETEK by 127.2% during the first quarter. Invesco Ltd. now owns 3,479,397 shares of the technology company's stock worth $598,943,000 after purchasing an additional 1,947,831 shares in the last quarter. 87.43% of the stock is owned by institutional investors and hedge funds.

AMETEK Stock Performance

NYSE:AME traded down $3.57 during mid-day trading on Friday, hitting $181.21. The company's stock had a trading volume of 1,556,620 shares, compared to its average volume of 1,423,472. AMETEK, Inc. has a 1 year low of $145.02 and a 1 year high of $198.33. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.63 and a quick ratio of 1.04. The stock has a market cap of $41.85 billion, a price-to-earnings ratio of 29.18, a PEG ratio of 2.66 and a beta of 1.10. The business's fifty day moving average is $180.57 and its two-hundred day moving average is $176.99.

AMETEK (NYSE:AME - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The technology company reported $1.78 EPS for the quarter, beating the consensus estimate of $1.69 by $0.09. AMETEK had a net margin of 20.60% and a return on equity of 16.53%. The company had revenue of $1.78 billion for the quarter, compared to analyst estimates of $1.74 billion. During the same period in the prior year, the company earned $1.66 earnings per share. The firm's revenue was up 2.5% on a year-over-year basis. Analysts anticipate that AMETEK, Inc. will post 7.15 EPS for the current fiscal year.

AMETEK Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be paid a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend is Monday, September 15th. AMETEK's dividend payout ratio is presently 19.97%.

Wall Street Analysts Forecast Growth

AME has been the topic of a number of recent analyst reports. Truist Financial upped their price target on AMETEK from $196.00 to $200.00 and gave the stock a "buy" rating in a research report on Monday, May 5th. Wall Street Zen raised AMETEK from a "hold" rating to a "buy" rating in a research report on Monday, May 12th. Morgan Stanley upped their target price on AMETEK from $185.00 to $198.00 and gave the company an "equal weight" rating in a research report on Friday, August 8th. KeyCorp upped their target price on AMETEK from $195.00 to $205.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Finally, Royal Bank Of Canada upped their target price on AMETEK from $209.00 to $212.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the company. According to MarketBeat, AMETEK presently has an average rating of "Moderate Buy" and a consensus price target of $208.00.

AMETEK Profile

AMETEK, Inc manufactures and sells electronic instruments and electromechanical devices in the North America, Europe, Asia, and South America, and internationally. The company's EIG segment offers advanced instruments for the process, aerospace, power, and industrial markets; process and analytical instruments for the oil and gas, petrochemical, pharmaceutical, semiconductor, automation, and food and beverage industries; instruments to the laboratory equipment, ultra-precision manufacturing, medical, and test and measurement markets; power quality monitoring and c devices, uninterruptible power supplies, programmable power and electromagnetic compatibility test equipment, and sensors for gas turbines and dashboard instruments; heavy trucks, instrumentation, and controls for the food and beverage industries; and aircraft and engine sensors, power supplies, embedded computing, monitoring, fuel and fluid measurement, and data acquisition systems for aerospace and defense industry.